Denver-based Tributary Real Estate has purchased Globe4Hundred, a recently repositioned office building located at 400 West 48th Ave. in Denver.
JLL Capital Markets team represented the seller, NAS Properties, and the seller, Tributary Real Estate. The team was led by Managing Directors Larry Thiel and Jason Schmidt who sold their second off-market office building in the span of three weeks.
“Office transaction volume continues to improve in the city as investors look to deploy capital in resilient office markets, like Denver,” said Thiel.
Built in 1981, 400 West 48th Ave. comprises 93,000 square feet of office space and 5,000 square feet of retail space that is 100% leased to seven tenants. The three-story property recently underwent significant renovations that included a lobby remodel, adding a fitness center with showers, a tenant lounge and conference center as well as exterior upgrades.
“We would like to thank the entire team involved with the repositioning of 400 W 48th, which included our leasing team led by Nate Bradley, Farrington GC, Waring Associates, Muse and SM&RC,” said Nate Schnabel of NAS Properties.
The property is situated on a 4.75-acre site at the intersection of Interstates 25 and 70 in Globeville. The Globeville area is part of the City of Denver’s redevelopment plan, and as such, the property is close to numerous new developments, including the $1b master-planned National Wester Complex, the new Colorado State University Campus and the redevelopment of Washington Street. Additionally, the property is just a short drive to Denver’s RiNo neighborhood and downtown Denver, just 2.5 miles to the south.
